Risk aversion is definitely back today. You can see it in the dollar/yen, where the yen has really strengthened today. The AIG news (down 8 percent) told us that a lot of the bad news is still not priced in. Big momentum stocks like Visa, Mastercard, Nucor, US Steel, Anadarko, Apache, Bidu, Apple, and Google all saw profit-taking today. But here's the big problem: oil closing up five straight days, closing at a new high.   Read More

The AIG damage is limited, and that is good news: other P&C insurers are not showing any serious declines; financials in modest rally; the VIX is already dropping. The biggest factor: the Citi conference call, with Pandit and CFO Crittenden, appears to have gone well. Here are a few headlines...   Read More

Asian and European markets, as well as U.S. futures, weaker on the AIG news. Dollar stronger. For the moment, the risk aversion trade (long bonds, short financials) is back on. Oil at new high not helping. Also: Circuit City is allowing Blockbuster and Carl Icahn to conduct due diligence.   Read More

So we have a gold ETF, a silver ETF, an oil and natural gas ETF. How about a platinum ETF? Looks like it's coming--soon--and get this--you can go long and short the commodity. E-TRACS UBS should be launching two new ETNs fairly soon:    Read More

So there’s good and bad news on retail sales. The good news: --April better than March, even if you include the early Easter and better weather --Teen retailers terrific.    Read More

As expected, the ECB and the Bank of England left interest rates unchanged; the ECB at 4.0 percent. Futures dipped a bit at 8:50 am ET as Mr. Trichet began talking, giving his usual speech on the importance of combating inflation.    Read More

Record oil, nat. gas, and gasoline douse our modest three or four day rally, this happening despite a rise in the dollar--WAIT A MINUTE! The dollar is DECOUPLING FROM OIL? This little game has to stop RIGHT NOW.    Read More

At the lows for the day. We have some problems: 1) The dollar is up, but oil will not go down; 2) President Bush was throwing rhetoric around, claiming the housing bill is a bailout of speculators, and hinting he might veto it (homebuilding stocks, along with the market, promptly dropped);    Read More

Dollar finally rallying today after a couple of down days. Metal commodities lower, but energy commodities flat. Modest pop in futures as first quarter productivity rose a better than expected 2.2% vs expectations of 1.5%.    Read More

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